Two national trends could mean big trouble for the average Canadian consumer’s wallet. The Bank of Canada interest rate increases, and Record-high Canadian gas prices. Let’s break those down further. Canadian Interest Rates Since July 2017, the Bank of Canada has increased interest rates from 0.5% to 1.5%. The 1.5% interest rate is the highest
A frozen bank account can be financially devastating and often comes as a complete surprise. If your bank account is frozen, here’s what you need to know. There are typically three situations in which your bank account can be frozen. These are: By the Canada Revenue Agency (CRA). The CRA does not need to go
It can be a nightmare situation — you’re in debt and you’re hit with a job loss. Figuring out how to get out of debt can be difficult while you have a job, and the problem is magnified when you’re unemployed. So, what can you do? Don’t panic — you have options. If you’re unemployed
Payday loans can seem like a great option for quick cash — an advance on your paycheque or regular income payment seems almost too good to be true… and that’s because it often is. When you look closer at payday loans, they’re actually quite shocking. Payday lenders must have a license to operate in Ontario.
On July 11, 2018, the predicted Bank of Canada interest rate increase came true. The Bank of Canada (BOC) announced that interest rates are going up to 1.5%. This is the fourth time interest rates have risen in a year. They first rose from 0.5% to 0.75% in July of 2017, then to 1% in
Rising mortgage rates are top of mind for many Canadians in 2018, and if you’re already in debt, increasing interest rates can be particularly worrisome. Since July of 2017, the Bank of Canada has increased Canadian interest rates from 0.5% to 1.25%. While this is still a relatively low interest rate in historical terms, the
For those struggling with debt, the struggle just became that much harder. The Bank of Canada interest rate increased again on January 17, 2018, going up to 1.25% — the highest it’s been in nine years. BOC interest rate hikes started in July of 2017 when the rate went from 0.5% to 0.75%. It increased